Maersk Drilling is cutting 70 staff at its headquarters in Copenhagen, but 20 of the positions are expected to be vacancies that will not be filled.

The Danish offshore giant said the move was in response to the continued market decline and reduced activity level in the oil industry.

“The combination of low activity levels and excess capacity of drilling rigs continue to drive lower utilisation and lower day rates,” says chief executive Claus V Hemmingsen.

“At